Dare and BBH share £10m in Cossette deal
By Kunal Dutta, campaignlive.co.uk, Friday, 06 July 2007 12:00AM
Dare has confirmed it has sold a 65.4 per cent share of the agency to Cossette Communications for an upfront payment of £10 million, as revealed in Campaign (15 June).
Claude Lessard, the Cossette chairman, told Campaign that he now plans to pull the group's four UK companies - Miles Calcraft Briginshaw Duffy, Dare, Elvis and Band & Brown - closer together and elect a UK president to oversee the group within the next two years.
The Dare deal could see the Canadian marketing services group pay in excess of £30 million for the digital agency over five years.
In 2010, Cossette has the option to increase its ownership to 82.7 per cent for a sum to be determined by the agency's profit growth, with the remaining shares to be acquired in 2012.
"I can see multi-discliplined teams working across the group companies, all of which could be in the same office building in the next two or three years," Lessard said.
The initial £10 million acquisition includes Bartle Bogle Hegarty's 30 per cent share in the agency. Dare shares Barclays and Vodafone with BBH. These relationships will not be affected.
The remainder of the £10 million payment will be shared by Dare's management team, which remains in place.
This article was first published on campaignlive.co.uk
- Senior copywriter story uk limited Negotiable depending on experience, Edinburgh
- Senior Marketing Manager Cutis Developments £50,000 - £60,000 per annum , Victoria, London (Greater)
- Brand & Packaging Manager Ball & Hoolahan £36,000 + c/a, London (Central), London (Greater)
- Category Manager Ball & Hoolahan £50,000 per annum, South East England
- Head of Digital Product Management Adam Recruitment £65000 - £75000 per annum + bonus, car, pension, Cheshire
- Daily Mirror publishes its own tits on Page 3
- 'This girl can' tops Campaign Viral Chart
- John Brown Media appoints Rebekah Billingsley to head of digital and content strategy role
- 'You don't have to explain yourself if you are getting the job done,' says Tracy De Groose on work and motherhood
- Publicis Groupe extends deadline for Sapient deal again
- Lidstone exits Havas amid restructure